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Gitanjali Group

Gitanjali Group was one of the largest branded jewellery retailers in the world. It was headquartered in Mumbai, India.[5] Gitanjali used to sell its jewellery through over 4,000 Points of Sale and held a market share of over 50 per cent of the overall organised jewellery market in India. Prominent brands housed by the group included Nakshatra, D'damas, Gili, Asmi, Sangini, Maya, Giantti, World of Solitaire and Shuddhi. It was closed following Punjab National Bank Fraud more commonly known as Nirav Modi Fraud.[6]

2018 investigation

Mehul Choksi, the founder and managing director[7] of ‘Gitanjali Gems’ and the maternal uncle of Nirav Modi has come under the radar of various investigating agencies, following the Enforcement Directorate (ED) filing a case against the latter for conducting fraudulent transactions from the Punjab National Bank.[8][9] This case is claimed to be India's biggest bank fraud wiping out 14,000 crore rupees.[10] Mehul Choksi fled India along with his nephew after the F.I.R was filed about the bank scam.[11]

See also

References

  1. Gitanjali Group Gitanjali Group, retrieved 23 December 2010^
  2. Gitanjali seeks patents for 25 new diamond cuts The Hindu Business Line, 6 December 2003, retrieved 23 December 2010^
  3. NSE - Financial Results Details retrieved 7 January 2011^
  4. Gitanjali Group eyes Rs 10K cr turnover in two years Business-standard.com, 4 March 2010, retrieved 23 December 2010^
  5. Gitanjali Gems Head Office economictimes.indiatimes.com, retrieved 25 June 2020^
  6. Gitanjali Group Gitanjali Group, retrieved 24 December 2010^
  7. Board of Directors – Gitanjali Group www.gitanjaligroup.com, retrieved 16 February 2018^
  8. L'affaire Nirav Modi: Mehul Choksi, Gitanjali Gems under Sebi scanner The Economic Times, 15 February 2018, retrieved 16 February 2018^
  9. Devesh K. Pandey. PNB fraud case: CBI registers fresh case against Gitanjali Group The Hindu, 16 February 2018, retrieved 16 February 2018^
  10. PNB Scam Economic Times^
  11. Neeraj Chauha. Fugitive Mehul Choksi flees to Antigua, acquires local passport The Times of India, 24 July 2018^